you are correct, 0.31. That was a typo.
It's very early code. I had Fellow and UAE runnign at full speed on a 100mhz PC back in the day, so I don't think it will be too difficult to get it running at a decent speed. As long as it's coded right a frameskip of 2 or 3 should produce full speed at the very least.
But like I say, I had full speed on Fellow and UAE on a 100mhz PC, I don't see why we can't get it from a 333mhz PSP.